Cincinnati Bearcats. The American logo in Cincinnati's colors. The Cincinnati Bearcats are the athletic teams that represent the University of Cincinnati. The teams are members of the American Athletic Conference (The American), which from 1979 to 2013 was known as the Big East Conference.
You must reduce the basis of property by the depreciation allowed or allowable, whichever is greater. Depreciation allowed is depreciation you actually deducted (from which you received a tax benefit). Depreciation allowable is depreciation you are entitled to deduct.
Deprecation is not optional. Itâs a tax deduction that, if qualified, you MUST take. When selling the property, the IRS will assume that you have been taking this expense all along. The effect of this is that the cost basis for your property is reduced each year by the amount of depreciation.